For the quarter ended March 31, 2017, the Company reported net income of
$62.3 million, or $0.57 per diluted share, compared to $54.9 million, or
$0.51 per diluted share, for the quarter ended March 31, 2016.

Rajinder Singh, President and Chief Executive Officer, said, “We are
happy to report another strong earnings quarter. Net income is up 13.5%
from the comparable quarter of the prior year.”

Performance Highlights

Net interest income increased by $23.8 million to $230.6 million for
the quarter ended March 31, 2017 from $206.8 million for the quarter
ended March 31, 2016. Interest income increased by $32.7 million,
primarily driven by increases in the average balances of loans and
investment securities outstanding. Interest expense increased by $9.0
million due primarily to an increase in average interest bearing
liabilities.

The net interest margin, calculated on a tax-equivalent basis,
increased to 3.70% for the quarter ended March 31, 2017 from 3.67% for
the immediately preceding quarter ended December 31, 2016. The net
interest margin was 3.83% for the quarter ended March 31, 2016. The
origination of new loans at current market yields lower than those on
covered loans contributed to the decline in the net interest margin
when compared to the quarter ended March 31, 2016.

Total deposits increased by $433 million for the quarter ended March
31, 2017 to $19.9 billion. New loans and leases, including equipment
under operating lease, grew by $121 million during the quarter. Loan
growth was negatively impacted during the quarter by seasonal trends
in the mortgage warehouse and commercial and industrial lines of
business.

Book value per common share grew to $23.71 at March 31, 2017, a 9.1%
increase from March 31, 2016. Tangible book value per common share
increased by 9.5% over the same period, to $22.98 at March 31, 2017.

Capital

The Company and its banking subsidiary continue to exceed all regulatory
guidelines required to be considered well capitalized. The Company’s and
BankUnited, N.A.'s regulatory capital ratios at March 31, 2017 were as
follows:

BankUnited, Inc.

BankUnited, N.A.

Tier 1 leverage

8.7

%

9.5

%

Common Equity Tier 1 ("CET1") risk-based capital

11.8

%

13.0

%

Tier 1 risk-based capital

11.8

%

13.0

%

Total risk-based capital

12.6

%

13.8

%

Loans and Leases

Loans, including premiums, discounts and deferred fees and costs,
totaled $19.5 billion at March 31, 2017 compared to $19.4 billion at
December 31, 2016. New loans grew to $18.8 billion while loans acquired
in the FSB acquisition declined to $625 million at March 31, 2017.

For the quarter ended March 31, 2017, new commercial loans, including
commercial real estate loans, commercial and industrial loans, and loans
and leases originated by our commercial lending subsidiaries, declined
by $125 million to $15.1 billion. Declines in mortgage warehouse
balances of $121 million and in commercial real estate balances
(excluding owner-occupied commercial real estate) of $67 million were
offset by growth of $59 million in loans and leases at our commercial
lending subsidiaries. Equipment under operating lease, net, grew by $19
million during the first quarter of 2017. New residential loans grew by
$228 million to $3.7 billion during the first quarter of 2017.

The Company's national platforms and the Florida franchise contributed a
net $180 million and $28 million, respectively, of loan growth for the
quarter ended March 31, 2017 while balances for the New York franchise
declined by $106 million, reflecting a decrease in commercial real
estate balances outstanding. We refer to our commercial lending
subsidiaries, our mortgage warehouse lending operations, the small
business finance unit ("SBF") and our residential loan purchase program
as national platforms. At March 31, 2017, the new loan portfolio
included $6.5 billion, $6.3 billion and $6.0 billion attributable to the
Florida franchise, the New York franchise and the national platforms,
respectively.

A comparison of portfolio composition at the dates indicated follows:

New Loans

Total Loans

March 31,

2017

December 31,

2016

March 31,

2017

December 31,

2016

Single family residential and home equity

19.4

%

18.3

%

21.8

%

20.9

%

Multi-family

19.8

%

20.4

%

19.2

%

19.8

%

Owner occupied commercial real estate

9.3

%

9.2

%

9.0

%

9.0

%

Non-owner occupied commercial real estate

20.3

%

20.0

%

19.7

%

19.3

%

Construction and land

1.3

%

1.7

%

1.3

%

1.6

%

Commercial and industrial

17.3

%

18.1

%

16.8

%

17.5

%

Commercial lending subsidiaries

12.5

%

12.2

%

12.1

%

11.8

%

Consumer

0.1

%

0.1

%

0.1

%

0.1

%

100.0

%

100.0

%

100.0

%

100.0

%

Asset Quality and Allowance for Loan and Lease
Losses

For the quarters ended March 31, 2017 and 2016, the Company recorded
provisions for loan losses of $12.1 million and $3.7 million,
respectively, including provisions related to new loans of $11.3 million
and $4.4 million. The provision related to taxi medallion loans totaled
$9.5 million and $1.2 million for the quarters ended March 31, 2017 and
2016, respectively.

Factors contributing to the increase in the provision for loan losses
for the three months ended March 31, 2017 as compared to the three
months ended March 31, 2016 were (i) the increase in the provision
related to taxi medallion loans and (ii) an increase in the provision
related to impaired loans in other portfolio segments, partially offset
by (iii) a net decrease in the relative impact on the provision of
changes in quantitative and qualitative loss factors and (iv) the impact
of lower loan growth for the first quarter of 2017.

Non-covered, non-performing loans totaled $130.0 million or 0.69% of
total non-covered loans at March 31, 2017 compared to $132.7 million or
0.71% of total non-covered loans at December 31, 2016. Non-performing
taxi medallion loans comprised $59.4 million or 0.31% of total
non-covered loans at March 31, 2017 and $60.7 million or 0.32% of total
non-covered loans at December 31, 2016.

At March 31, 2017, total non-performing assets were $143.9 million,
including $11.0 million of other real estate owned ("OREO") and other
repossessed assets, compared to $149.0 million, including $13.1 million
of OREO and other repossessed assets, at December 31, 2016. Non-covered,
non-performing assets included $8.0 million and $8.4 million of OREO and
other repossessed assets at March 31, 2017 and December 31, 2016,
respectively.

The ratios of the allowance for non-covered loan and lease losses to
total non-covered loans and to non-performing, non-covered loans were
0.79% and 114.14%, respectively, at March 31, 2017, compared to 0.80%
and 113.68% at December 31, 2016. The annualized ratio of net
charge-offs to average non-covered loans was 0.30% for the three months
ended March 31, 2017, compared to 0.09% for the three months ended March
31, 2016.

The following tables summarize the activity in the allowance for loan
and lease losses for the periods indicated (in thousands):

Three Months Ended March 31, 2017

Three Months Ended March 31, 2016

ACI Loans

Non-ACI

Loans

New Loans

Total

ACI Loans

Non-ACI

Loans

New Loans

Total

Balance at beginning of period

$

—

$

2,100

$

150,853

$

152,953

$

—

$

4,868

$

120,960

$

125,828

Provision (recovery)

831

(52

)

11,321

12,100

—

(731

)

4,439

3,708

Charge-offs

—

(55

)

(14,769

)

(14,824

)

—

(338

)

(3,808

)

(4,146

)

Recoveries

—

65

987

1,052

—

86

168

254

Balance at end of period

$

831

$

2,058

$

148,392

$

151,281

$

—

$

3,885

$

121,759

$

125,644

Charge-offs reflected in the tables above for the quarters ended
March 31, 2017 and 2016 include $5.9 million and $0.5 million,
respectively, of taxi medallion loans.

Deposits

At March 31, 2017, deposits totaled $19.9 billion compared to $19.5
billion at December 31, 2016. The average cost of total deposits was
0.72% for the quarter ended March 31, 2017, compared to 0.69% for the
immediately preceding quarter ended December 31, 2016 and 0.63% for the
quarter ended March 31, 2016.

Net interest income

Net interest income for the quarter ended March 31, 2017 increased to
$230.6 million from $206.8 million for the quarter ended March 31, 2016.
Increases in interest income were partially offset by increases in
interest expense. The increases in interest income were primarily
attributable to an increase in the average balance of loans, partially
offset by a decline in the related average yield. Increases in the
average balance of investment securities and related average yields also
contributed to increased interest income. Interest expense increased due
to an increase in average interest bearing liabilities and, to a lesser
extent, an increase in the cost of deposits.

The Company’s net interest margin, calculated on a tax-equivalent basis,
was 3.70% for the quarter ended March 31, 2017 compared to 3.67% for the
immediately preceding quarter ended December 31, 2016 and 3.83% for the
quarter ended March 31, 2016. Significant factors impacting this
expected decrease in net interest margin for the three months ended
March 31, 2017 compared to the three months ended March 31, 2016
included:

The tax-equivalent yield on loans declined to 5.07% for the three
months ended March 31, 2017 from 5.27% for the three months ended
March 31, 2016, primarily because new loans, originated at yields
lower than those on covered loans, comprised a greater percentage of
total loans.

The tax-equivalent yield on non-covered loans was 3.62% for the three
months ended March 31, 2017, compared to 3.63% for the three months
ended March 31, 2016.

The tax-equivalent yield on covered loans increased to 49.83% for the
three months ended March 31, 2017 from 38.21% for the three months
ended March 31, 2016.

The tax-equivalent yield on investment securities increased to 3.01%
for the three months ended March 31, 2017 from 2.78% for the three
months ended March 31, 2016.

The average rate on interest bearing liabilities increased to 0.98%
for the quarter ended March 31, 2017 from 0.95% for the quarter ended
March 31, 2016, reflecting higher average rates on interest bearing
deposits, partially offset by a decrease in the average rate on FHLB
advances.

The Company’s net interest margin continues to be impacted by
reclassifications from non-accretable difference to accretable yield on
ACI loans. Non-accretable difference at acquisition represented the
difference between the total contractual payments due and the cash flows
expected to be received on these loans. The accretable yield on ACI
loans represented the amount by which undiscounted expected future cash
flows exceeded the recorded investment in the loans. As the Company’s
expected cash flows from ACI loans have increased since the FSB
Acquisition, the Company has reclassified amounts from non-accretable
difference to accretable yield.

Changes in accretable yield on ACI loans for the three months ended
March 31, 2017 and the year ended December 31, 2016 were as follows (in
thousands):

Balance at December 31, 2015

$

902,565

Reclassifications from non-accretable difference

76,751

Accretion

(303,931

)

Balance at December 31, 2016

675,385

Reclassifications from non-accretable difference

28,519

Accretion

(75,251

)

Balance at March 31, 2017

$

628,653

Non-interest income

Non-interest income totaled $28.1 million for the three months ended
March 31, 2017 compared to $23.2 million for the three months ended
March 31, 2016. Offsetting factors contributing to this increase
included (i) an increase of $1.0 million in gain on sale of loans, net
of the impact of FDIC indemnification, (ii) a $1.6 million decrease in
securities gains, (iii) a $3.0 million increase in lease financing
income, generally reflecting growth in the operating lease portfolio,
and (iv) a $1.9 million increase related to fair value adjustments of
residential mortgage servicing rights, included in other non-interest
income.

An increase of $3.1 million in gain on sale of loans for the three
months ended March 31, 2017 compared to the three months ended March 31,
2016 includes a $0.6 million increase in gains on the sale of loans by
SBF and a $2.6 million increase in gain on the sale of covered loans.
The net loss on FDIC indemnification increased $2.1 million related to
the sale of covered loans.

Non-interest expense

Non-interest expense totaled $156.6 million for the three months ended
March 31, 2017 compared to $142.1 million for the three months ended
March 31, 2016. The most significant components of the increase in
non-interest expense were a $4.8 million increase in amortization of the
FDIC indemnification asset and a $4.2 million increase in employee
compensation and benefits.

Amortization of the FDIC indemnification asset was $44.5 million for the
three months ended March 31, 2017, compared to $39.7 million for the
three months ended March 31, 2016. The amortization rate increased to
36.38% for the three months ended March 31, 2017 from 22.24% for the
three months ended March 31, 2016. As the expected cash flows from ACI
loans have increased, expected cash flows from the FDIC indemnification
asset have decreased, resulting in continued increases in the
amortization rate.

Provision for income taxes

The effective income tax rate was 30.8% for the three months ended March
31, 2017, compared to 34.8% for the three months ended March 31,
2016. The effective income tax rate differed from the statutory federal
income tax rate of 35% in both periods due primarily to the effect of
income not subject to tax, offset by state income taxes. In addition,
the effective income tax rate for the three months ended March 31, 2017
reflected the impact of $2.6 million in excess tax benefits resulting
from activity related to vesting of share-based awards and exercise of
stock options. A change in accounting standards related to stock based
compensation requires the Company to recognize these excess tax benefits
as a component of the provision for income taxes beginning January 1,
2017; previously these excess tax benefits were recognized in paid-in
capital.

Non-GAAP Financial Measures

Tangible book value per common share is a non-GAAP financial measure.
Management believes this measure is relevant to understanding the
capital position and performance of the Company. Disclosure of this
non-GAAP financial measure also provides a meaningful base for
comparability to other financial institutions. The following table
reconciles the non-GAAP financial measurement of tangible book value per
common share to the comparable GAAP financial measurement of book value
per common share at March 31, 2017 (in thousands except share and per
share data):

Total stockholders’ equity

$

2,533,014

Less: goodwill and other intangible assets

77,980

Tangible stockholders’ equity

$

2,455,034

Common shares issued and outstanding

106,839,197

Book value per common share

$

23.71

Tangible book value per common share

$

22.98

Earnings Conference Call and Presentation

A conference call to discuss quarterly results will be held at 9:00 a.m.
ET on Tuesday, April 25, 2017 with President and Chief Executive
Officer, Rajinder P. Singh, and Chief Financial Officer, Leslie N. Lunak.

The earnings release will be available on the Investor Relations page
under About Us on www.bankunited.com
prior to the call. The call may be accessed via a live Internet webcast
at www.bankunited.com
or through a dial in telephone number at (855) 798-3052 (domestic) or
(234) 386-2812 (international). The name of the call is BankUnited, Inc.
and the confirmation number for the call is 95388936. A replay of the
call will be available from 12:00 p.m. ET on April 25th through 11:59
p.m. ET on May 2nd by calling (855) 859-2056 (domestic) or (404)
537-3406 (international). The pass code for the replay is 95388936. An
archived webcast will also be available on the Investor Relations page
of www.bankunited.com.

About BankUnited, Inc. and the FSB Acquisition

BankUnited, Inc., with total assets of $28.0 billion at March 31, 2017,
is the bank holding company of BankUnited, N.A., a national bank
headquartered in Miami Lakes, Florida with 92 banking centers in 15
Florida counties and 6 banking centers in the New York metropolitan area
at March 31, 2017.

On May 21, 2009, BankUnited acquired substantially all of the assets and
assumed all of the non-brokered deposits and substantially all other
liabilities of BankUnited, FSB from the FDIC, in a transaction referred
to as the FSB Acquisition. Concurrently with the FSB Acquisition,
BankUnited entered into two loss sharing agreements, or the Loss Sharing
Agreements, which covered certain legacy assets, including the entire
legacy loan portfolio and OREO, and certain purchased investment
securities. Assets covered by the Loss Sharing Agreements are referred
to as “covered assets” (or, in certain cases, “covered loans”). The Loss
Sharing Agreements do not apply to subsequently purchased or originated
loans (“new loans”) or other assets. Effective May 22, 2014 and
consistent with the terms of the Loss Sharing Agreements, loss share
coverage was terminated for those commercial loans and OREO and certain
investment securities that were previously covered under the Loss
Sharing Agreements. Pursuant to the terms of the Loss Sharing
Agreements, the covered assets are subject to a stated loss threshold
whereby the FDIC will reimburse BankUnited for 80% of losses, including
certain interest and expenses, up to the $4.0 billion stated threshold
and 95% of losses in excess of the $4.0 billion stated threshold. The
Company’s current estimate of cumulative losses on the covered assets is
approximately $3.7 billion. The Company has received $2.7 billion from
the FDIC in reimbursements under the Loss Sharing Agreements for claims
filed for incurred losses as of March 31, 2017.

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that
reflect the Company’s current views with respect to, among other things,
future events and financial performance.

The Company generally identifies forward-looking statements by
terminology such as “outlook,” “believes,” “expects,” “potential,”
“continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,”
“predicts,” “intends,” “plans,” “estimates,” “anticipates” or the
negative version of those words or other comparable words. Any
forward-looking statements contained in this press release are based on
the historical performance of the Company and its subsidiaries or on the
Company’s current plans, estimates and expectations. The inclusion of
this forward-looking information should not be regarded as a
representation by the Company that the future plans, estimates or
expectations contemplated by the Company will be achieved. Such
forward-looking statements are subject to various risks and
uncertainties and assumptions relating to the Company’s operations,
financial results, financial condition, business prospects, growth
strategy and liquidity. If one or more of these or other risks or
uncertainties materialize, or if the Company’s underlying assumptions
prove to be incorrect, the Company’s actual results may vary materially
from those indicated in these statements. These factors should not be
construed as exhaustive. The Company does not undertake any obligation
to publicly update or review any forward-looking statement, whether as a
result of new information, future developments or otherwise. A number of
important factors could cause actual results to differ materially from
those indicated by the forward-looking statements. Information on these
factors can be found in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2016 available at the SEC’s website (www.sec.gov).

Income allocated to common stockholders for basic earnings per
common share

$

59,970

$

52,662

Denominator:

Weighted average common shares outstanding

105,817,669

103,919,006

Less average unvested stock awards

(1,060,912

)

(1,144,795

)

Weighted average shares for basic earnings per common share

104,756,757

102,774,211

Basic earnings per common share

$

0.57

$

0.51

Diluted earnings per common share:

Numerator:

Income allocated to common stockholders for basic earnings per
common share

$

59,970

$

52,662

Adjustment for earnings reallocated from participating securities

8

9

Income used in calculating diluted earnings per common share

$

59,978

$

52,671

Denominator:

Weighted average shares for basic earnings per common share

104,756,757

102,774,211

Dilutive effect of stock options

620,761

778,841

Weighted average shares for diluted earnings per common share

105,377,518

103,553,052

Diluted earnings per common share

$

0.57

$

0.51

BANKUNITED, INC. AND SUBSIDIARIES

SELECTED RATIOS

Three Months Ended March 31,

2017

2016

Financial ratios (5)

Return on average assets

0.91

%

0.91

%

Return on average stockholders’ equity

10.08

%

9.76

%

Net interest margin (4)

3.70

%

3.83

%

March 31, 2017

December 31, 2016

Non-Covered

Total

Non-Covered

Total

Asset quality ratios

Non-performing loans to total loans (1) (3)

0.69

%

0.68

%

0.71

%

0.70

%

Non-performing assets to total assets (2)

0.49

%

0.51

%

0.51

%

0.53

%

Allowance for loan and lease losses to total loans (3)

0.79

%

0.78

%

0.80

%

0.79

%

Allowance for loan and lease losses to non-performing loans (1)

114.14

%

113.86

%

113.68

%

112.55

%

Net charge-offs to average loans (5)

0.30

%

0.29

%

0.13

%

0.13

%

(1) We define non-performing loans to include non-accrual loans, and
loans, other than ACI loans, that are past due 90 days or more and still
accruing. Contractually delinquent ACI loans on which interest continues
to be accreted are excluded from non-performing loans.